City report said deferring charges could help kickstart construction of 20,000 new rental units
has taken the first step toward eliminating development charges on thousands of new housing rental units if developers ensure that 20 per cent of the homes are affordable.
In a report issued on Wednesday, city of Toronto staff recommended that development charges be deferred indefinitely if certain conditions are met, and recommended a 15-per-cent property tax reduction for 35 years. The staff report said these actions could help kickstart construction of 20,000 new rental units. The recommendations need to win approval from the majority of city council for the new policy to become law.
But because the cost of construction and borrowing is high, most new buildings would not be able to earn enough rental revenue to cover the development and maintenance if a developer has to offer below-market rent or affordable rent on 20 per cent of the building’s units, Mr. Rocca said. Mr. Rocca said the tax break did help, but the municipal charges and taxes are still too high. He said his company has about 4,000 rental units on hold because “the math does not work.” His company has been pushing for a waiver on development charges and tax abatement.
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